d'Alba Global (483650 KP) Buy: 1Q26 review – my turn to shine

研报英文原文证据摘录

d'Alba Global (483650 KP) Buy: 1Q26 review – my turn to shine

86%). We forecast 2025-28 350000.00

sales and OP CAGRs of 41% and 51%, respectively, led by overseas markets; our

sales and OP forecasts are 6-13% and 20-25% above Bloomberg consensus for 216500.00

2026-28, respectively. D’Alba maintained its 2026 guidance with sales of KRW700bn 05/25 11/25 05/2683000.00

and OP margin of 21% which we believe is too conservative. Of note, the company Target price: 320000.00

High: 241000.00 Low: 110100.00 Current: 218500.00

guides 2027 sales at KRW1trn, and targets to achieve 25% OP margin by 2028.

Source: LSEG IBES, HSBC estimates

Plenty of catalysts ahead

Upcoming catalysts include: 1) strong earnings growth – we forecast OP will rise 64% Karen Choi*

Head of Consumer & Retail Research, Asia Pacific

y-o-y in 2Q and by 117% y-o-y in 2H 2026; 2) penetration into offline channels in the The Hongkong and Shanghai Banking Corporation

US and Europe; and 3) improved rankings on Amazon. We expect the biggest y-o-y Limited, Seoul Securities Branch

karen.choi@kr.hsbc.com

contribution to come from Japan and the US as the company penetrates offline +82 2 3706 8781

channels; Russia and ASEAN would remain as the most profitable markets. Sophia Jung*

Associate, Consumer Research

Raise TP to KRW320,000 (from KRW270,000) The Hongkong and Shanghai Banking Corporation

Limited, Seoul Securities Branch

We raise our 2026-28 OP estimates by 14-16% as we revisit our assumptions post sophia.jung@kr.hsbc.com

1Q results. We continue to value d’Alba Global using EV/EBITDA, with a 2026e +822 3706 8774

target multiple of 20x, the average since listing. Our new TP of KRW320,000 implies

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is